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Moreno's Formula One début came in 1982, replacing Nigel Mansell for the Dutch Grand Prix for Lotus, but failing to qualify. His second drive came five and a half years later, in which he drove the final two races of 1987 for AGS, replacing Pascal Fabre, and scoring a point at the final race. Finally, in 1989, he got a full time drive, for Coloni, magnificently qualifying for the Monaco Grand Prix and also for three other races, but he retired each time he started. In 1990, he moved to EuroBrun, failing to pre-qualify most races, before an injury to Alessandro Nannini led to a move to Benetton for the final two races of the season.

His first race for the Anglo-Italian team resulted in him finishing second to teammate and countryman Nelson Piquet; it turned out to be his only F1 podium. Holding the seat into 1991, Moreno managed to score eight points before being controversially replaced with Michael Schumacher. Moreno moved to Schumacher's old team, Jordan, for two races, and drove the final race of the season for Minardi.

In 1992, Moreno found a drive with the Andrea Moda team, starting from the third race. The team's car was hopeless and Moreno only reached the grid in Monaco before the team was shut down after owner Andrea Sassetti's arrest. Moreno found one last F1 drive, for Forti in 1995. The poor car never got close to scoring points, even though improvements were made throughout the season. He left Formula One for good after this.